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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsI guess it's no shock that an industry that produces nothing of any real value......
...... resorts to schemes, gimmicks, usury and outright fraud for profit.
(Independent UK) The interest-rate fixing scandal could leave British banks exposed to multi-billion-pound civil actions, experts have warned.
City insiders have raised the prospect of "BP-style" mass litigation against Barclays and other banks implicated in the Libor scam. BP was forced to set aside $20bn (£12.6bn) to just to cover civil compensation claims resulting from the 2010 Gulf of Mexico oil disaster, and still faces a raft of civil litigation.
Some lawsuits have already started in the US, including one filed by US broker Charles Schwab against a number of banks including Barclays, HSBC, Lloyds and RBS.
Fears that Britain's leading banks will face a wave of costly actions were highlighted in a memo from analysts at investment bank Morgan Stanley (MS) following a meeting with Barclays' embattled chief executive Bob Diamond on Thursday. The memo said: " We believe) shares will continue to drift lower until we have much greater certainty on the following: litigation risk (taking BP as a case in point), political and regulatory backlash (and) management's accountability." ...............(more)
The complete piece is at: http://www.independent.co.uk/news/business/news/banks-face-lawsuits-worth-billions-over-libor-scam-7902918.html
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I guess it's no shock that an industry that produces nothing of any real value...... (Original Post)
marmar
Jul 2012
OP
RKP5637
(67,112 posts)1. Some of these outfits should definitely go out of business IMO. The world would
be a better place for it, and it would be so deserving.
TomClash
(11,344 posts)2. Very few people understand what "finance" really is nt
johnd83
(593 posts)3. Lewis black from 2007...
You dont want another Enron? Heres the law: If you have a company, and you cant explain, in one sentence, what the fuck it does, its illegal!
-Lewis Black
I guess there is some general consensus on what a bank is supposed to do but they sure aren't doing what they are supposed to these days.